Monday, 11 February 2019 09:56

Digital bank ties up with wealth management outfit

By
Volt Bank co-founder and chief executive Steve Weston. Volt Bank co-founder and chief executive Steve Weston. Supplied

Digital banking firm Volt Bank says its customers who use the wealth management platform Spitfire will be able to view and trade all their assets in a single portal.

This follows the forming of an alliance by the two companies to provide a single site where investors can enjoy all asset options. This includes viewing and trading global assets, connecting Australian investors to an array of offshore yield options in real-time.

Volt co-founder and chief executive Steve Weston said: “Spitfire and Volt share an ambition to improve their customers’ lives through technology. This partnership will contribute to a seamless and transparent investment experience and better connect Australians to international opportunities.

“Volt isn’t constrained by legacy systems that have stifled innovation at incumbent banks and as we approach our customer launch, partnerships like this help us show Australians there is a better way to manage their money and achieve their financial goals."

Spitfire was set up in 2015 as a multi-asset, multi-currency investment platform across equities, managed accounts, managed funds, fixed income, and unlisted assets.

Spitfire head of Distribution, David Storm, said: "Spitfire is changing the game in wealth management, and our cloud native platform will deliver unmatched transparency, flexibility and functionality to Volt’s customers in a secure environment.

“This partnership is a tremendous step in bringing wealth management into the 21st century, and in allowing planners and advisers to act in the best interests of their customers."

Volt Bank received an Authorised Deposit-Taking Institution licence from the Australia Prudential Regulation Authority in January, making it the first retail challenger bank to obtain such a licence.

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Sam Varghese

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Sam Varghese has been writing for iTWire since 2006, a year after the site came into existence. For nearly a decade thereafter, he wrote mostly about free and open source software, based on his own use of this genre of software. Since May 2016, he has been writing across many areas of technology. He has been a journalist for nearly 40 years in India (Indian Express and Deccan Herald), the UAE (Khaleej Times) and Australia (Daily Commercial News (now defunct) and The Age). His personal blog is titled Irregular Expression.

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